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A Florida hotel giant has delayed the sale of its prime Atlanta property.
Xenia Hotels & Resorts now plans to close on the sale of its 522-room Renaissance Atlanta Waverly Hotel & Convention Center at the end of July instead of the original plan to close this month, company officials disclosed in a Securities and Exchange Commission document.
The unidentified buyer is slated to pay $155M for the hotel connected to the Cobb Galleria and has a $7.75M nonrefundable deposit should it back out of the transaction, according to the filing.
The Renaissance Atlanta was one of a portfolio of hotels Xenia was in the process of unloading when the global pandemic hit, decimating the hospitality market. Its planned sale of the 492-room Renaissance Austin Hotel for $100.5M has been pushed back as well. Xenia officials said in documents that a planned, seven-hotel portfolio sale is still on track for $483M, with the unidentified buyer having a $20M nonrefundable deposit in place.
“Based on the current status of the financial markets, and overall economic uncertainty, the Company can make no assurances that any of the three aforementioned transactions will close as agreed upon, or at all,” the filing states. "If the transactions are not completed as a result of the respective buyer parties' default, the Company expects to receive the non-refundable deposits which are currently held in escrow."
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